Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Markets have still got that loving feeling despite U.S. tariffs coming into effect. On Thursday, President Donald Trump’s “reciprocal” tariffs hit dozens of countries, with those not named in the list subject to a 10% baseline levy.
Aug. 7 was a culmination of quite a few deadlines the world has faced as it rides the rollercoaster of Trump’s tariff strategy, and while this deadline might already be in force, the tariffs are not really set in stone. Negotiations, of course, will keep happening, and countries could see some reprieve.
Remember, Trump walked back on “Liberation Day” tariffs a week after all the pomp and ceremony in the Rose Garden, and the July 9 deadline was pushed to Aug. 1, and then to Aug. 7. Steep tariffs announced on China have been on hold, with the deadline of Aug. 12 expected to be postponed.
So, while these might be the highest tariffs the world has seen since the Smoot-Hawley Act in the 1930s — are they here to stay?
